Benefits of Using ERP for Inventory Management

A good management system in a company is one of the essential boosts to the company’s future and many aspects. One of the most popular and proved-to-be-worked methods to do that is the ERP FOR INVENTORY MANAGEMENT. The incorporation between Enterprise Resource Planning (ERP) system and inventory management is the key to surviving in today’s business competition.

How does erp help in inventory management? Here, we have already collected several information and tips about this unique system that you can use and apply to your company. Here are the guides to you who just use the ERP inventory management system for the first time.

What is ERP Inventory Management?

So, what is erp inventory management? It is a system that your company can use to manage many things. It is including the company inventory, finance, logistic, operation, and even the business plan or strategy. Best of all, you can do all those things on a single platform. Therefore, it is simple and improves working efficiency and productivity.

ERP inventory management also works in real-time. Once you integrate it with your company system, it will keep updating any change in the aspect you manage with it. Thanks to this concept, you can implement various types of workflows, allowing you to get a complex and effective working environment.

Mostly, you need to get the paid version of ERP inventory management software to get all those features. However, these days, that is unnecessary. You can even get all those functions on the free erp software for inventory management.

ERP Inventory Management System Advantages

What are the benefits of erp system? This system brings various benefits to your business. Here are some of them:

• Detailed and transparent supply chain
  • The up-to-date data allow you to know the supply condition from your partner that provides the product or material your business needs. It will minimize the sudden change that can cause the problem and disturb the production process. Moreover, you also can sync the system of ERP with your order and shipping system, allowing you to have better and more effective inventory management in erp.
• Improving data-based decision quality
  • The accurate information from the procurement and inventory management through erp, allows you to make a decision based on that data more accurately. It gives you accurate insight and the base to create a strategy that matches your current company’s condition. On the other hand, with the constant and continuous data that you will get, you also can save more time to decide which direction your company will head.
• Accurate counts data
  • The traffic in your inventory needs to be managed accurately. So, you won’t experience loss because of mismanaging of the items that enter and leave your inventory. Therefore, the existence of an E R P inventory management system allows you to record this information. There will be no more mismatch or error that could cause some loss and problem in your company.
• Better inventory analysis
  • The software of ERP FOR INVENTORY MANAGEMENT also provides information for every phase of inventory flow. You can find more about the amount you receive from the sold product, the turnover rates, and other metrics. All of them will contribute greatly to your inventory efficiency. In short, by using the data you get from this system, you can improve its efficiency.
• Check the product quality easily
  • You also can easily check the product quality in the inventory. Use the information about the environment or other standard rules that apply to the product. The E R P system software can provide that information, thus you can learn more about the condition of the product in the inventory. This kind of function is available on many programs and software, including netsuite erp’s inventory management software.
• Easy to manage
  • Every product and item listed in the ERP system software has detailed information, including its inventory status. Therefore, you can easily manage how to handle it, including accepting or rejecting the order from the customer for that product. This feature also allows you to handle the resupply process much easier.
• Improving cycle counting
  • Using an E R P system, like netsuite erp inventory management, allow you to implement the cycle counting system to your inven tory. This system helps you to check the balance and status of the items in your inventory. Then, you also can improve how you record your inventory status and condition. That helps you to manage everything without any problem and with less hassle.

ERP System or Inventory Management System

At this point, we believe you already understand the huge benefits that the ERP system has for your company. However, many of you may still have a problem differentiating between E R P systems and inventory management systems. They are indeed similar but have a big difference.

The inventory management system is a method or software to manage your inventory. You can see various information and data in this program. However, it is only available for your inventory management. If you want to integrate it with other systems in your company, you will need another program.

ERP is an all-in-one solution. You get everything in this program. So, it is not only inventory. The erp evolution in inventory management control developed in has become the program that connects all aspects in your company. Using it will be like having total control over your company system.

Therefore, if we are asked about erp vs inventory management, we would choose and recommend the E R P system. It is a better system, more advanced, and efficient compared to the inventory management system. Every modern company must use it.

Conclusion

The most essential thing in managing your company’s inventory is efficiency and accuracy. You can do and get that by using the right ERP FOR INVENTORY MANAGEMENT system. It will improve how your company works. More importantly, this software seems to have an insignificant role in your business system. But, in today’s modern business, it is the core of the business. Using it will give you a better chance to compete with other companies.